CS Moses Kuria Says Kenya Shilling to Strengthen Against US Dollar, Exchange at Sh85
Investments, Trade, and Industry Cabinet Secretary Moses Kuria has expressed confidence that the Kenya shilling will soon strengthen against the US dollar.
Through Twitter on Saturday, Kuria pointed out that the Kenya Kwanza administration is putting up measures to prevent the shilling from falling further to the dollar.
He mentioned that his Energy and Petroleum counterpart Davis Chirchir is “working hard to restructure the fuel supply chain in order to ease the pressure on the Shilling.”
“He is imminently succeeding after which I see an exchange rate of Sh85 to the dollar,” Kuria tweeted.
The dollar is currently exchanging at Sh128 on average.
In its weekly bulletin on Friday, the Central Bank of Kenya (CBK) indicated that the Kenya Shilling remained stable against major international and regional currencies during the week ending March 2nd.
“It exchanged at KSh127.29 per US dollar on March 2, compared to KSh126.27 per US dollar on February 23,” CBK noted.
CBK added that the usable foreign exchange reserves remained adequate at USD 6,605 million (3.69 months of import cover) as at March 2nd.
“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” the bank added.
Comments (15)
Whatever you are smoking sir, ain't helping, I still remember when the exchange rate was KSH 7 per dollar.
What effing happened?
@ Kora Kanini (small frog) You wanted to know how the shilling lost its value! Please ask Jirongo and Samoei for their YK KANU 92 project!
Wewe mzee kama mimi. The exchange rate was 7sh to the dollar from the time I can remember, late fifties, to the seventies. Then s**t happened.
As I recall the nyayo govt devalued the currency to help with exports and the freefall continues
@ Mundumugo, you are right. I remember that as well.The value was intended to make investments in Kenya each,in addition to exporting goods there.But there is the other side of devaluing currency that is alittle nasty,and that is imports get expensive.Ofcourse the idea is to make the local production cheaper and more attractive than the expensive imports.See the problem there? If we have to imports machines,electronics,and other technical equipments while importing is expensive,that would arise the debt"ceiling".The question we should ask ourselves is how productive is our economy,given the tools,and labor we have.Can we do better?
As long as Kenya keeps exporting raw materials rather than finished products, the country will forever be at mercy of the west. China, Korea, Singapore etc are the countries to emulate. The country has massive geothermal, wind and solar potential. Dams like Thiba should have been built a long time ago to ensure Kenya has a stable water supply. Unfortunately Kenya's leadership is not very good at leading or planning else Kenya's GDP would be north of $300 billion now and we would not kill our industries to support mitumba(I have always found this galling)
Talking of sustainable energy, as of now, I believe vast parts of Kenya have been hit by shortages of electricity...
The foreign currency exchange was controlled by the central bank and was forced to remain at 7 shillings. When the control was removed and the dollar floated the rate shot up to 65. This was in 1993.
Being promised hot air.
I have said it before. I was praying this is not another baba yao. He is proving me wrong every time he opens his mouth. Is there something these guys smoke or drink once they taste power? It's better if you keep your mouth shut and people think you are stupid, than opening it and removing all doubt.
Without lies politics dies.
Haha, dude, it’s not the year 2000 anymore.
I like it where it is. I don't feel any threat from M. Kuria's pronouncement. Infact I am confident it will get to 140 by the end of this year.
Cs kuria, you obviously have absolutely no idea how currency manipulation works.Blessed are the currency manipulators for they shall inherit the earth.There is some big time play going on in our country.The global elites are intentionally taking down kenyan economy(through national debt ,import costs going up + exports becoming cheap)and destroying the shilling value.You might need to ask,why the dollar value remains all -time higher than ever just after COVID crisis?Kenyan shillings weakening is happening as US currency continues to soar against other currencies.Please CS.kuria,go study economics and get back to the rest of us after you understand about economic and societal vandalism.
When and what year. Maybe if you all stop milking the country dry